Story
Corn Futures Rise as USDA Cuts Crop Condition Rating More Than Expected
Summary
Corn prices edged higher on Tuesday after the U.S. Department of Agriculture reported a larger-than-anticipated decline in its weekly crop condition rating, citing recent hot and dry weather across the Midwest.
Corn futures on the Chicago Board of Trade (CBOT) gained on Tuesday, reversing from losses in the previous session after a U.S. government report signaled a deterioration in crop health. The move was driven by supply concerns after the weekly assessment fell short of market expectations.
USDA Cites Weather Impact
The U.S. Department of Agriculture (USDA) lowered its rating for the domestic corn crop in its weekly Crop Progress report. Key figures from the report include:
- 63% of the crop was rated in good-to-excellent condition as of Sunday.
- This represents a 4-percentage-point drop from 67% the prior week.
- The new rating came in below the average analyst forecast of 65% good-to-excellent.
The USDA attributed the decline in crop quality to hot and dry weather conditions that have stressed crops across key growing areas in the Midwest.
AdMarket Reaction and Outlook
In response to the report, CBOT December corn futures (CZ26) were last trading up 1-1/2 cents at $4.75-1/2 per bushel. The price gains, however, were limited by a broader sell-off in the commodities sector, led by a decline in crude oil prices.
Market watchers noted that weather forecasts calling for cooler and wetter conditions across much of the Midwest could temper further price increases. Separately, the USDA announced on Tuesday that private exporters sold 197,272 metric tons of U.S. corn to undisclosed buyers for shipment during the 2026/27 marketing year, providing some underlying support for prices.
Read next
More on Commodities
US Approves $414 Million for Niger Uranium Mine Amid Geopolitical Shift
The U.S. Development Finance Corporation has approved up to $414 million in financing for a high-grade uranium project in Niger, a strategic move to secure critical mineral access two years after the West African nation expelled American troops.
US Imposes Sanctions on Cuban Nickel and Military-Linked Entities
The United States has sanctioned 11 Cuban entities, targeting the nation's state-run nickel reserves and military enterprises. The U.S. government stated the measures are aimed at a system it says enriches the country's elite.
Smoke Seen Near Riyadh Airport After Saudi Arabia Warns of Aerial Attack
A large plume of smoke was spotted near Riyadh's main airport Saturday after authorities issued overnight warnings of an aerial attack, signaling an escalation in conflict with Yemen's Houthi rebels that poses risks to regional stability and oil infrastructure.
Oil Prices Fall, Brent Turns Negative for the Week as Mideast Supply Fears Abate
Crude oil prices retreated on Thursday, pushing the global Brent benchmark into negative territory for the week, as signs of an imminent restart for a key Saudi pipeline and potential U.S.-Iran diplomacy eased concerns over supply disruptions.